Swiss Company Plays Key Role in Tanker Transporting Iraqi Oil Through Strait of Hormuz

The news indicates that oil flow through the Strait of Hormuz continues, with a Swiss company playing a key role in the process. This development could reduce supply disruption concerns, exerting downward pressure on oil prices. Technical indicators also point to weakness: RSI at 44 is below the neutral zone, MACD is below the signal line, and the price is below both the 20-day and 50-day moving averages. The 1.28% decline in the last 24 hours suggests that selling pressure may persist in the short term. However, confidence is maintained at a moderate level due to lingering geopolitical risks and potential market reactions.

WTI crude oil traded at $96.60, losing 1.43% in the last 24 hours. The RSI stands at 42.4, indicating weak momentum, while the MACD remains below the signal line and in negative territory. The price has fallen below both the 20-day and 50-day moving averages. Although the news headline highlights the role of a tanker passing through the Strait of Hormuz, this development could be interpreted as reducing the risk of supply disruptions. In the short term, the weakness in technical indicators combined with the positive impact of the news on supply security may sustain the downward trend in prices.